A Couple Positve Days!

Friday and Monday were a couple positive days in the Columbia market!
We haven't been able to say that too much lately have we? MBS prices steadily improved during this time frame resulting in mortgage rate improvements! While we don't know if this trend will continue, it is still a good sign. As soon as the MBS market stabilizes, so will mortgage rates!

At the same time we received numerous phone calls and realtor referrals the last couple days! In taking these applications and talking to the Realtors involved, it does sound like the activity is picking up! This is of course another great sign! Even as all the negativity in the news is floating out there, the Columbia market seems to be a bit more healthy than the markets being depicted in the media! It is obvious Columbia has had its struggles or ups and downs, but for once I wanted to point out the bright side!

Another pleasant surprise has been buyer's reaction to the news that 100% financing was being eliminated! While this sounds like it may scare off many first time buyers, we haven't noticed that trend yet. All the buyer's have taken the news in stride and are more than willing to put the minimum 3% down. These buyer's have just sucked it up and stated " If we don't have 3% somewhere then we shouldn't be buying a home anyway!" I have been a bit surprised by these reactions. While I think it is the correct mindset and approach, I thought I might see a little bit more bitterness. This being a reaction to all their friends getting 100% and not them due to unlucky timing!

Like I said this is all positive news and I truly hope we have turned a corner. I hope these last few days will be more of an indication of a return to normalcy, rather than a few random good days!

If you are a realtor out there that has noticed things picking up, please post a comment. We would love to hear your feedback!

Brought to you by:
Professional Mortgage Group, Inc.